Statistics Canada reported on Friday that the number of employed people surged by 418,500 m-o-m in July (or +2.4 percent m-o-m) after an unrevised climb of 952,900 m-o-m in the previous month. Economists had forecast an increase of 400,000 m-o-m.

Meanwhile, Canada's unemployment fell to 10.9 percent in July from 12.3 percent in June, slightly better than economists’ forecast for 11.0 percent.

According to the report, full-time employment rose by 73,500 (or +0.5 percent m-o-m) in July, while part-time jobs jumped by 345,300 (or +11.3 percent m-o-m).

In July, the number of public sector employees increased by 48,900 (or +1.3 percent m-o-m), while the number of private sector employees surged by 375,800 (or +3.5 percent m-o-m). At the same time, the number of self-employed fell by 6,200 (or -0.2 percent m-o-m) last month.

Sector-wise, employment increased both in goods-producing (+1.9 percent m-o-m) and service-producing (+2.5 percent m-o-m) businesses.